A 33-year-old man, Alaba Oladepo, was arraigned before an Iyaganku Chief Magistrate’s Court on Tuesday over the alleged theft of a Caterpillar excavator valued at N25 million.
Oladepo, whose address was not given, is being charged with conspiracy and theft. He has pleaded not guilty.
The Prosecutor, Insp Sikiru Opaleye, told the court that the defendant committed the offence in November 2024 in the Moniya area of Ibadan.
Opaleye said that Oladepo stole a D8 Caterpillar excavator valued at N25 million, belonging to Olumide Bamidele.
The prosecutor said the offence contravened Sections 383 and 390(9) of the Criminal Code Laws of Oyo State, 2000.
The Chief Magistrate, Mrs Olabisi Ogunkanmi, admitted the defendant to bail in N10 million, with two sureties in like sum.
Ogunkanmi said that one of the sureties must be a landowner and the other must be a blood relative of the defendant.
She adjourned the matter to Sept. 2 for a hearing.